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closing costs????

Dani00518 Posted:

closing costs????

Can someone give me the breakdown of how much closing costs would be for a 430,000 house?

LisaT Posted:

Re: closing costs????

roughly estimate 3-5% of the loan
kpny622 Posted:

Re: closing costs????

to be safe I'd plan on around 15K

depending on your numbers, figure out how much real estate taxes you'll have to put in escrow (if you are in Suffolk, probably 1/2 of what the annual is since taxes are due now)

title insurance, mortgage tax, first month's mortgage payment, insurance, appraisal fee, and miscellaneous mortgage broker fees
sophie78 Posted:

Re: closing costs????

I think they are based on the mortgage and not the price of the house.

julz33 Posted:

Re: closing costs????

Posted by am470

I think they are based on the mortgage and not the price of the house.

and the taxes too!
skew Posted:

Re: closing costs????

closing costs are based on the loan amount NOT the sale price of the home. i recently received a 'good faith' closing cost estimate of $5600 on a $200,000 loan. i was SHOCKED that it wasn't higher. he broke everything down for me. again this was only an estimate.


7706bride Posted:

Re: closing costs????

I would say probably around 13-17K.

7706bride Posted:

Re: closing costs????

Just to update, we closed yesterday and the closing costs were on the higher end of the range i previously stated, but we did get some money back!!!

skew Posted:

Re: closing costs????

Posted by 7706bride

Just to update, we closed yesterday and the closing costs were on the higher end of the range i previously stated, but we did get some money back!!!


if you do not mind me asking what is your loan amount?

i am surprised that your closing costs were so high. as mentioned, we were given a good faith estimate of around $6k for a $200,000 loan.
[email protected] Posted:

Re: closing costs????

Ours was $360000 and our closing costs were between 12 and 13000 beacsue of our taxes.

skew Posted:

Re: closing costs????

Posted by [email protected]

Ours was $360000 and our closing costs were between 12 and 13000 beacsue of our taxes.


hmmm. the taxes of the house that we were looking at were over $10k. again, it was just a good faith estimate.
lillian771 Posted:

Re: closing costs????

Posted by 7706bride

I would say probably around 13-17K.


This is a very good estimate. I'm a closing agent for lenders and a paralegal for real estate clients. Most fall in this general area.
skew Posted:

Re: closing costs????

i am going to call our mortgage broker tomorrow to confirm. the house we bid on was taken off the market, but i am still curious.

Jenny5150 Posted:

Re: closing costs????

Our closing costs were approx. 4% of our loan amount.

skew Posted:

Re: closing costs????

just spoke w/ the mortgage broker and he said that they do not require escrow for taxes and insurance, this is why the good faith closing cost estimate was lower then those that others have posted.

i had him confirm the #'s again and he said that our estimated closing costs would have been around $5,600 and the sellers $3,000.

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